Lamb Weston Holdings, Inc. (LW, Financial) has announced a significant leadership change with the appointment of Michael J. Smith as the new President and Chief Executive Officer, effective January 3, 2025. This transition follows the decision of Thomas P. Werner to step down from his role as President and CEO, as well as his position on the Board of Directors. Mr. Werner will continue to contribute to the company in an advisory capacity until August 31, 2025.
Michael J. Smith, aged 48, brings a wealth of experience to his new role, having served as Lamb Weston’s Chief Operating Officer since May 2023. His extensive background includes roles such as Senior Vice President and General Manager of Foodservice, Retail, Marketing, and Innovation, as well as Vice President and General Manager of Lamb Weston Retail. Prior to joining Lamb Weston, Mr. Smith held various brand management positions at Dean Foods Company and its WhiteWave division.
In conjunction with his new appointment, the Compensation and Human Capital Committee has approved a comprehensive compensation package for Mr. Smith. This includes an annual base salary of $1,000,000, a bonus opportunity with a target level of 150% of his base salary under the company's Annual Incentive Plan, and a long-term incentive compensation opportunity valued at approximately $5,250,000, commencing with the fiscal year 2026 stock awards.
Thomas P. Werner, in his advisory role, will receive a base salary based on an annual rate of $550,000, along with a bonus opportunity under the fiscal 2025 Annual Incentive Plan. He will also benefit from the full vesting of his outstanding stock-based awards, subject to compliance with certain conditions. Mr. Werner will remain eligible for a fiscal 2025 AIP award based on Lamb Weston’s performance but will not participate in the fiscal 2026 AIP or new LTIP awards.
This leadership transition marks a new chapter for Lamb Weston Holdings as it continues to strengthen its position in the food industry. Investors and stakeholders will be keenly observing how Mr. Smith's leadership will influence the company's strategic direction and performance in the coming years.
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